According to experts, the traffic sensor market is expected to grow from USD 228.0 Million in 2017 to USD 381.3 Million by 2023, at a CAGR of 8.94%.
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This technology growth can be attributed to several factors such as the growing need for real-time information systems, government initiatives to modify transport infrastructure, and the increasing urbanization and population. Also, many countries are focusing on innovations and expansions in the existing projects.
This factor would increase the demand for traffic sensor in the coming years.
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The traffic sensor market has been segmented on the basis of sensors types, which include piezoelectric sensors, bending plates, inductive loops, magnetic sensors, image sensors, acoustic sensors, infrared sensors, radar sensors, LiDAR sensors, and thermal sensors.
Among all, the market for radar sensors is expected to grow at the highest rate during the forecast period. Radar sensors are resistant to lightning and other weather conditions such as haze, rain, and cloudy conditions compared to other detection technologies such as image sensors, which acts as a major driving factor for the growth of the market for radar sensors.
Moreover, the market is segmented on the basis of application into vehicle measurement and profiling, weigh in motion (WIM), traffic monitoring, and automated tolling (e-toll). Among all applications, traffic monitoring is expected to grow at the highest CAGR during the forecast period.
Vehicle counting and vehicle motion tracking are the major applications under traffic monitoring leading to a high rate of adoption of traffic sensors.
On the basis of geography, the traffic sensor market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). North America accounts for the largest market share for traffic sensors.
In North America, various traffic problems are increasing day by day due to the increase in vehicles despite a large number of developments during the 2 decades in the field of roadways infrastructure.
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